Not running a private survey of the homes they purchase has cost property buyers a collective £3.56 billion in unexpected repairs last year, new research from e.surv charted surveyors shows. A total of 773,400 mortgaged buyers moved home last year, but only one in five (154,700) opted to purchase a private survey. This means that […]
Not running a private survey of the homes they purchase has cost property buyers a collective £3.56 billion in unexpected repairs last year, new research from e.surv charted surveyors shows.
A total of 773,400 mortgaged buyers moved home last year, but only one in five (154,700) opted to purchase a private survey. This means that many buyers unknowingly purchased faulty homes.
The average amount unprepared buyers are hit with stands at £5,750.
In July 2015 alone, UK homebuyers faced a total repair bill of over £300 million. Meanwhile, e.surv’s calculations reveal that 52,300 buyers did not commission a private survey when buying a home in July.
In a regional comparison, homebuyers in the South East were faced with the highest repair costs of nearly £820 million last year, followed by London (£448.3m) and the North West (£325.2m).
Northern Ireland is at the bottom of the table with the lowest repair costs paid buy new homebuyers (£68.1m).
Richard Sexton, director of e.surv chartered surveyors, comments: “As the cost of moving house ratchets up, skipping on a survey can seem very tempting. Although commissioning a private report costs as little as £250, many buyers don’t want to accept that their dream house may harbour hidden nightmares. But scrimping on this initial outlay can have severe consequences once the keys of the property have been handed over.
“Buying a house is one of the biggest and most important financial decisions somebody can make, but buyers simply aren’t protecting themselves. Most people wouldn’t buy a car without having an up-to-date MOT, yet the number who consider purchasing property without confirming its condition is alarming. These buyers are risking their financial livelihood, and rolling the dice in the hope that their home won’t contain any nasty surprises. On average, the repair bill faced by buyers who don’t get a survey is close to £6,000, while some may find themselves facing costs far higher than this figure.
*
Cost of repair bill for 2014 – by region
| Region | Total repair bill |
| South East | £819,600,000 |
| London | £448,300,000 |
| North West | £325,200,000 |
| South West | £321,000,000 |
| Scotland | £312,100,000 |
| West Midlands | £281,700,000 |
| Yorkshire & Humber | £274,400,000 |
| East Midlands | £269,700,000 |
| North East | £148,700,000 |
| East of England | £145,100,000 |
| Wales | £137,700,000 |
| Northern Ireland | £68,100,000 |
